EV chargepoint provider InstaVolt has announced that it has received £110m from Santander, Lloyds Bank, Investec, Natixis and NIBC to fund its expansion of EV charging infrastructure across the UK.
The funding will be used to expand UK charging infrastructure and marks an investment in the EV industry ahead of the UK government’s 2030 sanction on the sale of all new petrol and diesel vehicles.
Adrian Keen, InstaVolt CEO, said: “This funding will form an important part of our strategy to expand our network within the UK and support our country’s continued green transition: a journey that requires organisations and bodies to come together wherever possible.
“We are witnessing a rapid transition to electric vehicles, and it is of fundamental importance that the infrastructure is in place to support that.”
The senior debt financing comes several months after EQT Infrastructure acquired InstaVolt, which aims to build a UK-wide network of 10,000 rapid EV chargers by 2032.